7 Pa. Code § 138d.11. Loan Committee.

§ 138d.11. Loan Committee.

(a)  Function. The Loan Committee shall review the application and supporting documents in accordance with this chapter and forward its recommendation of approval or rejection of the application to the Secretary. The Loan Committee shall also provide the Secretary with the rationale for its decision, other information requested by the Secretary and restrictions or special conditions to be placed on the loan. If the Loan Committee does not submit its recommendation to the Secretary within 60 days after the first meeting at which the complete and accurate application was considered, the Loan Committee shall be deemed to have recommended approval of the application.
(b)  Majority required. The Loan Committee will not recommend the approval of a loan unless a majority of the quorum present at the meeting vote in favor of the loan.
(c)  Membership. The seven member Loan Committee will be appointed by the Secretary and will consist of two Departmental staff members, one financial staff member of the Department of Commerce, two farmers involved in agricultural production, one person involved in agricultural finance, and one expert in rural economics and sociology. The Secretary will designate the Chairperson of the Loan Committee. The members of the Loan Committee shall serve for terms of 2 years commencing with the date of their respective appointments, and shall serve at the discretion of the Secretary.
(d)  Meetings. The Loan Committee shall hold meetings as needed to perform their duties. Meetings of the Loan Committee shall be called by the Secretary.
(e)  Reimbursement. The members of the Loan Committee are not entitled to compensation for their services as members, but are entitled to reimbursement for expenses incurred in connection with the performance of their duties at the current rates set by the Commonwealth.

Cross References

   This section cited in 7 Pa. Code §  138d.2 (relating to definitions).

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